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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities:    
Net income $ 5,955,551 $ 5,203,596
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation, amortization and other non-cash items 966,911 1,122,609
Net investment (gains) losses (2,113,378) 331,189
Changes in assets and liabilities:    
Losses and loss expenses (1,704,647) 2,488,926
Unearned premiums 34,725,153 32,031,102
Premiums receivable (13,568,339) (15,699,109)
Deferred acquisition costs (3,813,704) (4,019,366)
Deferred income taxes 474,439 355,524
Reinsurance receivable 5,926,208 (5,291,035)
Prepaid reinsurance premiums (11,033,297) (9,960,021)
Accrued investment income (551,627) (1,322,590)
Due from affiliate (6,933,651) (7,651,293)
Reinsurance balances payable (4,742,896) (220,377)
Current income taxes 830,906 749,813
Accrued expenses (261,440) 465,988
Other, net 661,955 734,310
Net adjustments (1,137,407) (5,884,330)
Net cash provided by (used in) operating activities 4,818,144 (680,734)
Cash Flows from Investing Activities:    
Purchases of fixed maturities, held to maturity (11,911,672) (12,092,863)
Purchases of fixed maturities, available for sale (46,490,362) (34,354,601)
Purchases of equity securities, available for sale (786,680) (3,590,015)
Maturity of fixed maturities:    
Held to maturity 8,008,034 6,127,883
Available for sale 30,922,241 12,365,403
Sales of fixed maturities:    
Available for sale 2,995,648 748,250
Sales of equity securities, available for sale 0 3,066,129
Net purchases of property and equipment 0 (44,700)
Net sales of short-term investments 13,445,378 29,183,513
Net cash (used in) provided by investing activities (3,817,413) 1,408,999
Cash Flows from Financing Activities:    
Cash dividends paid (5,578,880) (5,304,047)
Issuance of common stock 590,916 2,288,494
Net cash used in financing activities (4,987,964) (3,015,553)
Net decrease in cash (3,987,233) (2,287,288)
Cash at beginning of period 23,792,273 25,123,332
Cash at end of period 19,805,040 22,836,044
Cash paid during period - Interest 156,292 156,346
Net cash paid during period - Taxes $ 0 $ 0